Early Magnesium Road Racing ( Light wieght Campagnolo ) wheels were only used for 2 Seasons by Factory Teams in the 70's,
Castings and Technologies have improved heaps since then and a lot about the life of was unknown at that time, hence precautions!
In the early days most of the casting for the really thin lightwieght stuff was done in Italy where the sand and envoiromental conditions were favourable.
It took quite a while for Japan to make their own Racing Mags.
For sure Magnesium can be very porous and can erode.
As for the life, its case by case, how long is a piece of string?